Assignment 1: Employment-At-Will Doctrine Lydia L. Brooks Dr. Richard A.L. Caldarola LEG 500 – Law, Ethics, and Corporate Governance July 19, 2012 Assignment 1: Company Introduction, Market Segmentation, and Product Positioning Scenario 1 As a manager or supervisor in the State of Tennessee, which is an Employment-at-Will state, I could fire Jennifer just because she is a low performing employee, particularly since she is not in a protected class such as age, gender, race, etc.. According to the employment-at-will doctrine, either my company or Jennifer as an employee is free to terminate our employment relationship any time we want. We don’t have to provide a reason, but have chosen to act in good faith and try to train Jennifer
Example of the closing of an expense account + Supplies expense in the form of a journal entry: DateAccount titles/DescriptionDebitCredit Dec-31 Income summary(debit) $1 Supplies expense (Credit) $1 1. (TCO 3) At the end of the period it is necessary to close all temporary accounts. (1) Explain why this process is required (15 points) and (2) provide an example of the closing of an expense account, Salary Expense in the form of a journal entry. (10 points) (Points: 25) (1) The process of closing of temporary accounts is required because revenue and expense account opening balances should be zero for the next period. If the temporary accounts are not closed, the next period’s revenues and expenses would be over-stated and correct revenues
Limited Liability Company SAMPLE FORMAT Sole Proprietorship: Write a brief description of the form of business ownership, advantages and disadvantages. The key characteristics of the form of ownership should be addressed by discussing six of the seven bullet points below. You will want to have the heading as the form of business ownership (i.e. Sole Proprietorship) and then use the bulleted list below for the key characteristics. The report should have headings and bulleted lists and should be 5-7 pages.
In addition, chief executive officers and chief financial officers must return their bonuses and other incentive compensation if the company has to restate its earnings. The Sarbanes Oxley Act is a change that will restrict or eliminate longstanding executive compensation practices. A recent example of executive compensation is in an article from CNNMoney.com concerning Hugh Grant, the chairman and CEO of Monsanto
The employment-at-will policy allows you or KFF to terminate your employment at any time for any reason” (University of Phoenix, 2008). The company is obligated to make sure that terminated employees are protected and fairly compensated for their services through its unemployment services. Kathy must also take into consideration a possible decline
P4 + M3 Legal 5.1 Sole trader A sole trader is a person who is self-employed person; this means that someone who sets up their own business. They are allowed to employ other people however they will be the only owner. A sole trader is someone who maintained and controlled the business by one person who will take full responsibility of the business such as the business decisions, the profits and many other factors. Advantages of a sole trader: • Owner can control the spending • Owner can make his own decisions. • Owner has full control of the business.
Differences between Civil Service and At-Will employment need to be clarified before diving into the subject. Civil Service employees have ownership of their permanent positions after satisfactorily completing the probationary period. “Over the years, the courts have come to conclude that public employees have a property interest in their jobs, if they have been led to expect that they will hold their jobs permanently as long as they perform satisfactorily. Courts have found these expectations implied in Civil Service system personnel policies and manuals that specify an employee will be discharged for good cause only, or where specific grounds for dismissal are identified, or where progressive discipline is endorsed and steps identified. In other words, a job can be considered a public employee’s property, and once that is established, the government – the public employer – can take the property/job only after due process” (Klingner & Nalbandian, 2003. p. 325).
Management also made the decision not to donate stale products to local charities, citing the potential for fraud and abuse should they do that. A third issue brought up was the decision to offer a limited inventory of health-conscious and organic products, after long-standing and repeated requests from their customer base. All three of the cited issues that Company Q is dealing with appear to have the decision process driven solely by the impact on the profitability of the company, without regard to anything else, which evidently is the perspective from which the company is operating. The stores were closed because of sustained losses, the day-old food is discarded rather than donated to a food bank because there may be some donated that does not meet the criteria for donation and the inventory of customer requested products is limited due to the high margin on those products and the potential to lose money if they don’t sell. Profitability is,
ACCT224-Week 6 You Decide 1. What constitutes a business expense? Business expenses refer to costs associated with operating a business. People who work for themselves can take advantage of a host of business expenses as long as the business expense relates to their operation. To be deductible, a business expense must be both ordinary and necessary.
If the police department is able to keep him on long-term disability until he is of retirement age in respect to said police department, then he will be eligible for his entire retirement package through the police department. If this ends up not being the case, the union that represents the Newtown, CT police officers is planning to file suit against the department (Newtown Police Officer Faces Firing Over PTSD, 2013). Being fired by the police department would also construe to the public that since PTSD is not a physical ailment, it can be conveniently swept under the rug and forgotten about (Newtown Police Officer Faces Firing Over PTSD, 2013). If the suit against the department is filed by the union representing the police officers, it will be held in the Connecticut Supreme Court. This law suit, if ruling in favor of Officer Bean, would mean that they would have to keep him on long-term disability until such time that he is eligible for his retirement benefits from the police department.